Posted by Sailor on October 13, 2006 at 10:03:46:
I commented not too long ago that I think Warren Buffet has been
reading DOW–
Tye
Help me with first Vanderbilt Repo Offer? - Posted by Ken
Posted by Ken on October 12, 2006 at 23:04:05:
I’ve searched the archives about Vanderbilt repo offers, and found it very helpful. Would you give your opinion about what I should offer and get accepted by Vanderbilt on this deal?
Warning: this is not a Lonnie deal.
I will be rehabbing this and selling it to someone who will get a bank loan. Trying for maximum price in quickest time.
1999 Oakwood 16 x 80 3 beds 2 baths
Vanderbilt price $19,900.
Been vacant for about 3 months.
- in a nice family park…most homes are 1990s and newer.
- can stay in park
- past due lot rent $1650
- past due taxes $200
Needs:
- Last owner’s possessions (a lot of junk) removed
- New carpet
- Fist holes in walls fixed
- Interior painted
- 4 new interior doors
- Floor is failing in front of hall bath, needs new plywood.
- replace top layer of front door deck/stoop
- paint exterior (aluminum)
- new landscaping (now overgrown grass & dirt)
- various minor things
Homes like this (in good shape) are selling for $30,000 to $40,000 in my area, and some higher.
All structural systems work fine. It needs only cosmetics.
After adding up my repair estimates, adding 100% for contingency, adding taxes, back and future lot rent, and my needed profit, then subtracting from my expected sale price of $30,000 I come up with an offer price range of $6,000 to $7,000.
Will Vanderbilt sell a MH they have priced at $19,900 for $6,000, or am I just dreaming?
Remember, I’m not trying to sell to someone who will settle for a crappy MH…this needs to be brought back to like-new, cosmetically.
Thanks in advance if anyone decides to help.
Re: Help me with first Vanderbilt Repo Offer? - Posted by JeffB (MI)
Posted by JeffB (MI) on October 13, 2006 at 08:12:12:
VB’s retail prices, such as those listed on their website, mean nothing.
I bought a similar home last year for $6100. I overpayed. They are still selling wholesale in my area, I have not had the experience that Steve-WA mentioned.
You say you have a target price of $6-7k. I am curious, what is your anticipated profit $$ on this deal if you’re selling for $30k. This sounds like it needs a ton of work to me.
word on the street is . . . - Posted by Steve-WA
Posted by Steve-WA on October 13, 2006 at 07:00:37:
VMF is holding and rehabbing their wn homes to get higher retail lately - likely not.
But as a wise Thai mountain guide once told me:
Nebbah try, nebbah know.
Re: Help me with first Vanderbilt Repo Offer? - Posted by Ken
Posted by Ken on October 15, 2006 at 11:22:45:
Hi Jeff. Thanks for your reply.
The MH you bought from Vanderbilt, you said, was similar to the one I’m asking about, You bought it for $6100. I described the work needed in my first post. Did you have more fix-up than I described in my first post?
In other words, If my offer is 6K - 7K, is that too low to be accepted, in your opinion?
Are you sure? - Posted by Ken
Posted by Ken on October 15, 2006 at 11:18:08:
I found this mobile home on the Vanderbilt site, and the rep is accepting bids. I’ve been in the MH and there has been no fix-up by Vanderbilt nor any other party. So, why would they offer it if they are planning to rehab it?
Re: word on the street is . . . - Posted by CR Smith
Posted by CR Smith on October 13, 2006 at 08:41:08:
Based on my limited experience, the lenders and parks seem to be doing that. It’s not quite like the lay of the land Lonnie gave in DOW anymore.
Or maybe they just got smart and also became Disciples of Lonnie. 